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When is it socially advantageous for legal rules to be changed in the light of altered circumstances? In answering this basic question here, a simple point is developed -- that past compliance with legal rules tends to reduce the social advantages of legal change. The reasons are twofold:...
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This is a survey of the field of economic analysis of law, focusing on the work of economists. The survey covers the three central areas of civil law liability for accidents (tort law), property law, and contracts as well as the litigation process and public enforcement of law
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bring motions, the judicial system leads litigants to efficiently provide information to courts that is relevant to the …
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The deterrence of crime and its reduction through incapacitation are studied in a simple multiperiod model of crime and law enforcement. Optimal imprisonment sanctions and the optimal probability of sanctions are determined. A point of emphasis is that the incapacitation of individuals is often...
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We analyze a model in which firms are able to acquire information about product risks and may or may not be required to … disclose this information. We initially study the effect of disclosure rules assuming that firms are not liable for the harm … caused by their products. Although mandatory disclosure obviously is superior to voluntary disclosure given the information …
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